Reuters

The Memphis Grizzlies agreed to a two-year, $20 million contract extension with power forward Zach Randolph.

Randolph, who exercised his $16.5 million option for next season, is signed through the 2016-17 season.

"It's cool, man," Randolph told the Memphis Commercial Appeal. "This is where I want to be."

Randolph, 32, averaged 17.4 points and 10.1 rebounds last season.

Randolph could have opted out of his deal for next season to become a free agent on July 1. However, ESPN.com reported as far back as last November that Randolph wanted to finish his career with the Grizzlies.